Adjusted Asset Value definition
Adjusted Asset Value means, as of a given date, the sum of EBITDA attributable to malls, power centers and all other assets for the trailing four (4) quarters most recently ended, divided by (iii) 7.75%. In determining Adjusted Asset Value:
Adjusted Asset Value means in respect of any Borrowing Base Eligible Asset an amount equal to the product of (i) the Asset Value of such Borrowing Base Eligible Asset, and (ii) the applicable Advance Rate for such Borrowing Base Eligible Asset.
Adjusted Asset Value with respect to any asset shall be the asset’s adjusted basis for federal income tax purposes, except as follows:
Examples of Adjusted Asset Value in a sentence
The Deemed Gain from any in kind distribution of Securities shall be equal to the excess, if any, of the fair market value of the Securities distributed (valued in accordance with paragraph 11.2) , over the aggregate Adjusted Asset Value of the Securities distributed.
The Deemed Loss from any in kind distribution of Securities shall be equal to the excess, if any, of the aggregate Adjusted Asset Value of the Securities distributed over the fair market value of the Securities distributed (valued in accordance with paragraph 11.2).
As at the end of any fiscal quarter, Secured Consolidated Total Indebtedness shall not exceed 55% of Consolidated Total Adjusted Asset Value on the last day of such quarter.
Additionally, for the purposes of calculating Consolidated Operating Cash Flow under this §9.2, Operating Cash Flow attributable to any Redevelopment Property shall be included even if such Redevelopment Property is then being valued at cost for the purposes of calculating Borrower’s Consolidated Total Adjusted Asset Value.
The Borrower shall at all times from and after the date of this Agreement maintain in full force and effect, an Interest Rate Contract(s) in form and substance satisfactory to Agent in an amount necessary to ensure that the outstanding “Debt” (as hereinafter defined) of Borrower, the Guarantors and their respective Subsidiaries that is Variable Rate Debt does not exceed twenty-five percent (25%) of Consolidated Total Adjusted Asset Value of the Borrower.
More Definitions of Adjusted Asset Value
Adjusted Asset Value means, with respect to any asset of the Company, such adjusted basis of such asset for federal income tax purposes, except as follows:
Adjusted Asset Value means, as of a given date, the sum of: (a)
Adjusted Asset Value means, with respect to any Person or Property (exclusive of Participating Assets), (i) for any Property (other than Unimproved Assets or Participating Assets) for which an acquisition or disposition has not occurred in the Fiscal Quarter most recently ended by the Borrower and its Consolidated Subsidiaries, the product of four (4) and a fraction, the numerator of which is EBITDA for such Fiscal Quarter attributable to any such Property owned by the Borrower or any such Consolidated Subsidiary minus (aa) with respect to any apartment units contained in such Property, an amount equal to the product of the average number of apartment units in such Property during such period and the Capital Apartment Reserve for such period, and minus (bb) with respect to any commercial property other than apartments units contained in such Property, an amount equal to the product of the average number of square feet of leased space in such commercial property other than apartments units contained in such Property and the Capital Commercial Reserve for such period, and the denominator of which is the FMV Cap Rate, plus (ii) for any Property (other than Unimproved Assets or Participating Assets) which has been acquired by the Borrower and its Consolidated Subsidiaries in the Fiscal Quarter most recently ended, the Net Price of the Property paid by Borrower or the Consolidated Subsidiary, plus (iii) for any Unimproved Assets owned by the Borrower or its Consolidated Subsidiaries on the Effective Date, the lesser of (yy) the appraised value on the Effective Date of such Unimproved Assets owned by the Borrower or any Consolidated Subsidiary, or (zz) the amount set forth on Schedule 1.1A attached hereto with respect to such Unimproved Assets, provided, however, that if Borrower has commenced the construction of improvements on any such Unimproved Asset and a loan facility for such construction is in place, the value thereof shall be equal to the amount reflected on Borrower's balance sheet for "construction in progress" with respect to such Unimproved Asset, plus (iv) for any Unimproved Assets acquired by the Borrower and its Consolidated Subsidiaries after the Effective Date, the Net Price of the Unimproved Assets paid by Borrower or the Consolidated Subsidiary, provided, however, that if Borrower has commenced the construction of improvements on any such Unimproved Asset and a loan facility for such construction is in place, the value thereof shall be equal to the amount reflect...
Adjusted Asset Value means, as of a given date, the sum of: (a)(i) EBITDA attributable to malls, power centers and all other assets for the fiscal quarter most recently ended times (ii) 4; divided by (iii) 7.25%. In determining Adjusted Asset Value (i) EBITDA attributable to real estate properties acquired during such fiscal quarter, and EBITDA attributable to Properties development of which was completed during such fiscal quarter, shall be disregarded, (ii) EBITDA attributable to any Property which is currently under development shall be excluded, (iii) with respect to any Subsidiary that is not a Wholly Owned Subsidiary, only the Borrower’s Ownership Share of the EBITDA attributable to such Subsidiary shall be used when determining Adjusted Asset Value, and (iv) EBITDA shall be attributed to malls and power centers based on the ratio of (x) revenues less property operating expenses (to be determined exclusive of interest expense, depreciation and general and administrative expenses) of malls and power centers to (y) total revenues less total property operating expenses (similarly determined), such revenues and expenses to be determined on a quarterly basis in a manner consistent with the Parent’s method of reporting of segment information in the notes to its financial statements for the fiscal quarter ended March 31, 2007 as filed with the Securities and Exchange Commission, and otherwise in a manner reasonably acceptable to the Bank. In addition, in the case of any operating Property acquired in the immediately preceding period of twenty four (24) consecutive months for a purchase price indicative of a capitalization rate of less than 7.00%, EBITDA attributable to such Property shall be excluded from the determination of Adjusted Asset Value, if that particular operating Property is valued in Parent’s financial statement at its purchase price.
Adjusted Asset Value means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates.
Adjusted Asset Value means, as of any date of determination, (i) for any Property for which an acquisition or disposition by Borrower or any Subsidiary has not occurred in the Fiscal Quarter most recently ended as of such date, the product of four (4) and a fraction, the numerator of which is EBITDA for such Fiscal Quarter attributable to such Property in a manner reasonably acceptable to Agent, and the denominator of which is eight hundred seventy-five ten-thousandths (0.0875), and (ii) for any Property which has been acquired by Borrower or any Subsidiary in the Fiscal Quarter most recently ended as of such date, the Net Price of the Property paid by Borrower or such Subsidiary for such Property.
Adjusted Asset Value means, on any date of determination, with respect to any Storage Property owned in fee simple or leased by the Borrower or any of its Subsidiaries an amount equal to (a) the Net Operating Income of such Storage Property for the four full fiscal quarters of the Parent most recently ended for which financial statements are available divided by (b) the Capitalization Rate.